Economy Current Affairs

Google acquires startup Synergyse

The search engine giant Google has acquired business technology startup Synergyse founded by an Indian-origin entrepreneur Varun Malhotra.

The financial detail of the acquisition deal was disclosed by the Google. Synergyse was launched in 2013 with an aim to teach users how to use Google Applications.

With this acquisition, Synergyse will be joining the Google Apps team and help it to accelerate its mission and build Google Apps.

Entrepreneur Varun Malhotra specialises in training and strategy and has over 10 years of experience in the enterprise space.

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SIDBI inks MoU with SAARC Development Fund

The Small Industries Development Bank of India (SIDBI) has inked MoU with SAARC Development Fund (SDF) for mutual cooperation and collaboration.

The MoU was signed by SIDBI Deputy Managing Director A K Kapur and SDF CEO Sunil Motiwal.

MoU envisages

  • SDF and SIDBI to work together in co-funding of projects in Indian MSMEs on risk sharing basis in identified sectors.
  • Development of suitable financial products for SME financing for MSMEs of other Saarc states, the Finance Ministry said in a statement.
  • Technology transfer and making available software to MFIs regarding loan tracking systems in other SAARC states.
  • Capacity development of SDF, SIDBI and SME funding institutions in SAARC countries.

SIDBI: It is an independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises (MSMEs).

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Reliance Defence inks strategic partnership pact with 3 Ukrainian state firms

Reliance Infra-led Reliance Defence Ltd has signed a strategic partnership agreement with 3 Ukrainian state firms to collaborate on a range of military products.

These three Ukrainian state-owned firms are Ukroboronprom, Spetstechno Exports and Antonov.

Key facts

  • The strategic collaboration will be for range of military products including transport aircraft, armoured vehicles, maritime gas turbines and unmanned aerial vehicles.
  • Under the agreement with Antonov, both companies will jointly bid for the medium military transport aircraft programme of the Hindustan Aeronautics Ltd (HAL).
  • In addition they will also collaborate for assembly, manufacture and maintenance, repair and overhaul (MRO) of Antonov series of aircraft.
  • This collaboration will mainly address the requirements of the Indian market and also the agreed global markets.
  • Cooperation between Reliance Defence and Spetstechno Exports will focus on upgrade programs for the BMP 2 and Armoured Vehicles, Unmanned Aerial Vehicles (UAVs) and Marine Gas Turbines for the Indian Navy Frigate program in India.

Reliance Defence is a wholly owned subsidiary of Reliance Infrastructure led by Anil Ambani. Antonov is globally known as the manufacturer of the largest transport aircraft in the world.

Currently, the Indian Air Force (IAF) operates more than 100 AN-32 aircraft, which forms the backbone of its transport fleet.

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